NEW YORK, Feb. 20 10, 2022 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Ericsson ADR (“Ericsson” or the “Company”) (NASDAQ:ERIC).

If you have suffered losses greater than $50,000 investing in Ericsson stocks or options and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly at 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/ERIC.

There is no cost or obligation for you.

Faruqi & Faruqi is a leading national minority and women-owned securities law firm with offices in New York, Pennsylvania, California and Georgia.

On February 15, 2022, Ericsson issued a statement revealing that unusual expense claims in Iraq, dating back to 2018, triggered a review that revealed concerns about compliance with the company’s code of business ethics.

Ericsson’s statement further revealed that a subsequent investigation into the conduct of Ericsson employees, vendors and suppliers in Iraq during the period 2011-2019, revealed serious violations of the code of business ethics and other compliance rules, and identified evidence of corruption-related misconduct, including making a monetary donation without a clear beneficiary; pay a supplier for work with no defined scope or documentation; use vendors to make cash payments; fund inappropriate travel and expenses; and the misuse of commercial agents and consultants.

In addition, the investigation revealed violations of Ericsson’s internal financial controls; conflicts of interest; failure to comply with tax laws; and hindering the investigation. He also identified payments to middlemen and the use of alternative transport routes as part of bypassing Iraqi customs, at a time when terrorist organizations, including IS, controlled certain transport routes. Payment patterns and cash transactions that could create a risk of money laundering were also identified.

On February 16, 2022, it was reported that Ericsson Chief Executive Borje Elkholm informed Danish newspaper Dagens Industri that payments dating back to 2018 may have been made to purchase transport routes “through areas controlled by terrorist organizations, including the Islamic State”.

In response to these disclosures, ERIC stock price fell nearly 15% at 10:45 a.m. EST on February 16, 2022.

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